Book Print erences Hartford Research issues bonds dated January 1 that pay interest semiannually on June 30 and December 31. The bonds have $39,000 par value and an annual contract rate of 8%, and they mature in 10 years. (Table B.1. Table B.2. Table B.3, and Table 8.4) Note: Use appropriate factor(s) from the tables provided. Round all table values to 4 decimal places, and use the rounded table values in calculations. Required: Consider each separate situation. 1. The market rate at the date of issuance is 6%. (a) Complete the below table to determine the bonds' issue price on January 1. (b) Prepare the journal entry to record their issuance. 2. The market rate at the date of issuance is 8%. (a) Complete the below table to determine the bonds' issue price on January 1. (b) Prepare the journal entry to record their issuance. 3. The market rate at the date of issuance is 10%. (a) Complete the below table to determine the bonds' isque price on January 1. (b) Prepare the journal entry to record their issuance. Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2A Required 28 Required 3A Required 38

Book Print erences Hartford Research issues bonds dated January 1 that pay interest semiannually on June 30 and December 31. The bonds have $39,000 par value and an annual contract rate of 8%, and they mature in 10 years. (Table B.1. Table B.2. Table B.3, and Table 8.4) Note: Use appropriate factor(s) from the tables provided. Round all table values to 4 decimal places, and use the rounded table values in calculations. Required: Consider each separate situation. 1. The market rate at the date of issuance is 6%. (a) Complete the below table to determine the bonds' issue price on January 1. (b) Prepare the journal entry to record their issuance. 2. The market rate at the date of issuance is 8%. (a) Complete the below table to determine the bonds' issue price on January 1. (b) Prepare the journal entry to record their issuance. 3. The market rate at the date of issuance is 10%. (a) Complete the below table to determine the bonds' isque price on January 1. (b) Prepare the journal entry to record their issuance. Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2A Required 28 Required 3A Required 38

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Compute bond proceeds, amortizing discount by interest method, and interest expense Boyd Co. produces and sells aviation equipment. On the first day of its fiscal year, Boyd issued $80,000,000 of five-year, 9% bonds at a market (effective) interest rate of 11%, with interest payable semiannually. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet Compute the following: a. The amount of cash proceeds from the sale of the bonds. Round your answer to the nearest dollar. $ b. The amount of discount to be amortized for the first semiannual interest payment period, using the interest method. Round your answer to the nearest dollar. $ c. The amount of discount to be amortized for the second semiannual interest payment period, using the interest method. Round your answer to the nearest dollar. $ d. The amount of the bond interest expense for the first…
On January 1, a company issues bonds dated January 1 with a par value of $260,000. The bonds mature in 3 years. The contract rate 59%, and interest is paid semiannually on June 30 and December 31. The market rate is 10%. Using the present value factors below, the issue (selling) price of the bonds is: number of periods interest rate (n)= 3 6 3 6 Multiple Choice (i)= 9.0% 4.5% 10.0% 5.0% $266,602. $59,386. Present Value of an Annuity (series of payments) 2.5313 5.1579 2.4869 5.0757 Present value of 1 (single sum) 0.7722 0.7679 0.7513 0.7462
9.2 On Jan. 1, 2018, UMPI, Inc. issued $600,000 of 10% bonds, due in 5 years. The bonds pay interest semi-annually on July 1 and January 1. The bonds effective yield 12%. UMPI uses the effective-interest method (see PV Tables next page). Prepare UMPI’s journal entries for a thru c. The January 1 issuance The July 1 interest payment The December 31 adjusting journal entry Prepare a full Bond Amortization Schedule
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26. Bonds Issued at a Premium (Effective Interest) Charger Battery issued $100,000 of 11%, seven-year bonds on December 31, 2022, for $104,868. Interest is paid annually on December 31. The market rate of interest is 10%. Required: Prepare the amortization table using the effective interest rate method. For those boxes in which no entry is required, leave the box blank. If the amount is zero, enter "0". If required, round your answers to the nearest whole dollar.
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Bonds sold at Premium: Use the following information for Problems #4 - #6: Summatra Corporation issued $1,200,000 of five year 8% term bonds on January 1, 2012 with interest payable twice annually (each July 1 and January 1). The market rate of interest for such bonds is 6%. Record the journal entry on Summatra's for issuance of the bonds:
Requirement 1. Determine the present value of 10-year bonds payable with face value of $93,000 and stated interest rate of 12%, paid semiannually. The market rate of interest is 12% at issuance. (Round intermediary calculations and final answer to the nearest whole dollar.) 1. Determine the present value of 10-year bonds payable with face value of $93,000 and stated interest rate of 12%,paid semiannually. The market rate of interest is 12%at issuance. 2. Same bonds payable as in Requirement 1, but the market interest rate is 16%. 3. Same bonds payable as in Requirement 1, but the market interest rate is 8%.
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2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker3D&takeAssignmentSessionLocator=&inprogress3false eBook Show Me How Calculator Print Item Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of its fiscal year, Chin Company issued $18,200,000 of five-year, 9% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 11%, resulting in Chin receiving cash of $16,828,145. a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) 3. Second semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) If an amount box does not require an entry, leave it blank. Round your…
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